VAT news tagged as "Pilot"

China

China VAT rates May 2016

March 24th, 2016

China has published the VAT rates for the latest industry sectors to be included in the VAT overhaul and replacement of Business Tax The new VAT rates, according the to the State Administration of Taxation from 1 May 2016 will be: Financial services – 11% Consumer services – 6% Real estate – 11% Construction – 11% …


China

China pushes on with telecom VAT

May 4th, 2014

Despite concerns last month about the feasibility of extending the Chinese VAT reforms to telecoms, the government has been confirmed this week that the sector will commence with the change over in June 2014. See Sate Administration of Taxation and Ministry of Finance Circular 43. The two largest phone service providers, China Mobile and China …


China

Chinese VAT on telecoms

March 8th, 2014

Plans to include Telecoms services in the Chinese VAT pilot are moving forward.  It was confirmed this week in the Chinese Parliament that plans are advanced, although there was no indication of the VAT rate to be applied.  It is expected to be 11%, compared to the current 3%-5% Chinese Business Tax rate. The higher …


China

China considers levying VAT on insurance premiums

September 14th, 2013

China is actively considering replacing Business Tax on insurance premium with Value Added Tax by 2016. Like most of Europe, and many other countries, financial services, including Insurance, is exempt from VAT in China.  This is historically because of the challenge of determining the value creation points in the chain between insurer, broker, insured and …


China

Shanghai China extends VAT pilot into new services

February 20th, 2013

The city of Shanghai, China, has announced plans to extend the net of the new Value Added Tax pilot to include a range of new services. The move comes following the first successful year of the introduction of VAT on a range of services, including transportation.  The aim is to simplify the tax regime, and …